The Car and Truck Fleet and Leasing Management Magazine

Colorado Provides $30M in Alternative Fuel Grants

The Regional Air Quality Council (RAQC) will open the application period for its upcoming round of funding under the Alt Fuels Colorado grant program on Oct. 1, the organization announced.

Under the federally funded state program, the RAQC awards grants to pay for up to 80 percent of the incremental cost of purchasing or leasing new OEM Class 2-8 alternative fuel vehicles. Eligible vehicles include dedicated or bi-fuel compressed natural gas (CNG), electric, and propane autogas models, according to the RAQC.

Funding caps for public and non-profit fleets are $7,000 for light-duty vehicles, $25,000 for medium-duty vehicles, and $35,000 for heavy-duty vehicles. Caps for private fleets are $3,000 for light-duty vehicles, $15,000 for medium-duty vehicles, and $22,000 for heavy-duty vehicles.

Eligible fleets are public, non-profit, and private fleets that predominantly operate in Colorado’s federally designated carbon monoxide maintenance areas or ozone nonattainment areas. These areas include Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson counties, as well as parts of Larimer, Weld, El Paso and Teller counties, according to the RAQC.

Through the Federal Highway Administration’s Congestion Mitigation and Air Quality Improvement (CMAQ) program and the Colorado Department of Transportation, Alt Fuels Colorado will provide $30 million over a four-year period from 2014 to 2017 to accelerate Colorado’s adoption of alternative-fuel vehicles. Total funding available for this round is $9 million for public fleets and $5.5 million for private fleets.

The name given in the UK to a lease financing arrangement where the vehicle appears on the lessee's balance sheet and where the lessee has the option to purchase the leased asset at the end of the lease term for a nominal amount.